Plan Highlights
Plan Highlights represents a general overview of the information printed in The Summary
Plan Description
(SPD) of your plan.
Your retirement program is more fully described in the
formal provisions of your plan document. If there is a conflict
between the plan highlights and your SPD, the language in
your plan document will govern.
| Plan Element |
Description |
|
Eligibility Requirements
|
You are immediately eligible
to participate in the plan when you are 21 years of age
and have completed 1
year of service. |
|
Enrollment Dates
|
Once you have met
the eligibility
requirements, you can join the plan on the
first of the month. |
|
Auto Enroll
|
Your plan has an
automatic election provision. If you can choose not to enroll by
selecting your own fund allocations and contribution percentages and not
opt out of the automatic election provision, your company will automatically
enroll you into the Voya Solution Portfolio Fund at 3%.
|
|
Employee Contributions
|
You may contribute 1-100% of your annual pay, not to exceed $XX.XXX
annually. Annual limitations are set by the IRS and are subject to change.
|
|
Employer Contributions
|
Profit Sharing:
Your employer has established a Profit Sharing plan. A Proft Sharing plan is
a tax-qualified retirement plan in which your employer makes contributions
on your behalf. The amount of the contribution is determined by an
allocation formula that is generally based on participant earnings, while
annual contributions are generally based on the company's profits.
Contributions may be modified during times of business hardship.
Employer Safe Harbor:
Your employer will contribute an amount equal to 100% up to 6% of your
compensation.
|
|
Vesting
|
Profit Sharing
Contributions:
You have an immediate non-forfeitable right to your employer contributions
made
to your account.
|
|
Rollovers
|
Money from other
qualified plans such as 401(k) plans is accepted. Rollover
contributions are allowed prior to meeting the eligibility requirements of the
plan. |
|
Contribution Change Frequency
|
You may stop
contributions as any time. Once you have stopped, you may
resume contributions quarterly. You may also increase or decrease
contributions
quarterly. |
|
Investment Transfers
|
Using Voya's
atomated telephone or Internet service, you have the ability
to review your accounts and transfer funds from one investment option to
another, 24-hours a day. |
|
Hardship Withdrawals
|
Hardship withdrawal may be taken in case of extreme hardship as defined
by the
IRS when no other sources are available. |